Chapter 1: The Missing Money Lessons

Reflecting on my childhood education, I recall learning various subjects like playing the recorder, square dancing, and cursive writing, but not a single lesson focused on financial literacy. Our math problems revolved around potatoes and trains rather than practical topics like interest rates or investment returns. Occasionally, teachers would make offhand comments about the consequences of poor academic performance, implying that failure meant a job at McDonald's. However, discussions on salaries, budgeting, and entrepreneurship were virtually absent.

This oversight is both unfortunate and common. Young people are often left to navigate financial complexities on their own, leading to a range of outcomes. I've encountered high earners who struggle with their finances, as well as wealthy individuals with a toxic relationship with money. Additionally, many people fall prey to scams due to a lack of basic financial knowledge.

Drawing from Stoic philosophy, the way to tackle these enduring issues—improving your financial acumen and relationship with money—centers on education. As Marcus Aurelius wisely advised, enhancing one’s understanding is key. Seneca echoed this sentiment, stating, "Wisdom provides wealth in ready money." I've been reflecting on these principles, especially as I raise my children and build my career after dropping out of college.

In my quest to share this wisdom, I’ve developed an extensive course at Daily Stoic titled The Wealthy Stoic. This 9-week program combines insights from Stoic teachings and contemporary financial experts, focusing on how to achieve richness, freedom, and happiness. It features around 30,000 words of exclusive content, along with three live sessions featuring renowned authors and finance professionals. I invite you to join us at thewealthystoic.com. Here are 31 lessons I’ve absorbed about money...

Understanding that no one ever truly hits their financial "number" is crucial. People often say, "Once I reach $Xm, I’ll be fine," but this goalpost continually shifts, leaving them perpetually dissatisfied.

Section 1.1: Reflecting on Past Financial Perspectives

It's essential to remember what once seemed like a substantial income. I dropped out of college to work in Hollywood, earning $30,000. At that time, I wondered how I would manage with such a sum, which covered my rent and allowed me to purchase books. This memory keeps me grounded and grateful.

Subsection 1.1.1: The Wisdom of Seneca

Seneca believed that true poverty stems from an insatiable desire for more. This insight emphasizes that being "rich" equates to having enough.

Chapter 2: Embracing Financial Responsibility

The first video, "Once you learn these money lessons, you will never be poor again," offers transformative insights into achieving financial stability.

The second video, "Money Lessons I Know at 62 I Wish I Knew at 32," shares valuable lessons learned over a lifetime regarding money management.

In this journey, I’ve also recognized the importance of being responsible with finances. For instance, I maintain a life insurance policy and a savings account, ensuring that my loved ones are cared for in case of emergencies. However, a balance must be struck; taking calculated risks has been crucial for my growth.

The most significant decision I made was accepting a pay cut to pursue writing The Obstacle is The Way. I believed in its potential, and while it was less than what I earned for my first book, it ultimately led to greater satisfaction.

Additionally, I believe in the power of generosity. Whenever possible, I choose to pick up the tab or provide generous tips, fostering a positive relationship with money.

By consciously deciding to invest in content creation rather than advertising, I have shifted my focus towards producing meaningful material that benefits others, rather than merely seeking immediate returns.

Ultimately, if money can solve a problem, it’s not truly a problem. Acceptance of this principle, along with the understanding that not all investments will yield returns, is vital for maintaining a healthy mindset around wealth.

As you navigate your financial journey, remember that comparison is futile. Each individual's path is unique, and recognizing that will free you from unnecessary stress and disappointment.